Mumbai, June 27: Mumbai is India’s most expensive city, followed by New Delhi and Chennai in terms of the cost of living for expatriates while Kolkata and Bengaluru are the least expensive Indian cities ranked according to the Mercer’s 24th annual survey. As per its findings, Mumbai ranks on the 55th position this year, two steps ahead compared to last year. In addition, it ranks higher than cities like Melbourne (rank 58), Frankfurt (rank 68) Buenos Aires (rank 76), Stockholm ( rank 89) and Atlanta (rank 95).

According to the 2018 Cost of Living survey, Hong Kong is the world’s costliest city for expatriates to live in, followed by Tokyo and Zurich. Luanda, the capital of Angola, which was the world’s most expensive city last year, has moved down to sixth position this year.

Mercer has conducted the survey based factors like the instability of housing markets, low inflation, and fluctuating prices for goods and services impacting the cost of doing business in various cities around the world. It claims that their survey is widely recognised and is one of the world’s most comprehensive survey, designed to help multinational companies and governments to determine compensation strategies for their expatriate employees.

Mercer kept New York as the base city for all comparisons and currency movements were measured against the US dollar. The survey includes over 375 cities throughout the world; this year’s ranking includes 209 cities across five continents and measures the comparative cost of more than 200 items in each location, including housing, transportation, food, clothing, household goods, and entertainment says the press release.

(The above story first appeared on LatestLY on Jun 27, 2018 07:04 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).